11
November
2007
|
00:00
Europe/London

CBRE to deliver development consultancy advice on Birmingham’s £600m Martineau Galleries scheme

Birmingham City Council, advised by CB Richard Ellis, has entered into a Development Agreement with the Birmingham Alliance to deliver the Martineau Galleries project, a major retail-led mixed use scheme in Birmingham City Centre.

The CB Richard Ellis Public Sector Consultancy team, working in partnership with CBRE Financial and CBRE Retail & Residential, advised on the evolution of the £750m development project, including financial viability and legal documentation of the scheme.

When completed, Martineau Galleries will deliver 185,806 sq m (2 million sq ft) of mixed use space, with 85,000 sq m (915,000 sq ft) of retail, along with significant office, leisure and residential space across the entire 5.5 hectare (14 acre) development site.

Parminder Dosanjh, Associate Director in the CB Richard Ellis Public Sector Consultancy team, commented: “Martineau Galleries will establish a clear link between Birmingham’s existing retail facilities and the Eastside. It lies in a pivotal position in terms of the City’s ongoing regeneration and will have an enormous impact on Birmingham’s burgeoning economy, attracting further investment into the area.”

The Birmingham Alliance is a joint venture between Hammerson Plc, Land Securities Group Plc and Pearl Group Ltd. It has previously been responsible for delivering Martineau Place in 2001, the redevelopment of the Bullring Shopping Centre in 2003 and Bullring Link in 2004. Martineau Galleries will therefore represent the fourth and final phase of its retail-led regeneration plans for the City Centre.

Cllr Neville Summerfield, Birmingham City Council Cabinet Member for Regeneration said: “The Martineau Galleries provide yet another example of the how Birmingham City Council is working with cutting edge private developers to enhance all elements of life within the city centre.

“Already established as a leading centre for commerce, industry and entertainment, such developments can only act as a further catalyst for attracting even more investors and visitors to the city, proving that Birmingham really is a global city with a local heart.”

Planning consent for Martineau Galleries was granted in March 2006, and work is anticipated to commence on site by 2009.